Futures Try to Bounce Back

Altagas, Enbridge in Focus

Futures for Canada's main stock index rose on Monday, helped by stronger crude and bullion prices, bouncing back from last week's losses that were triggered by a hawkish U.S. Federal Reserve.

The TSX Composite index dropped 146.96 points to end Friday at 20,061.71, a loss on the week of 32 points, or 0.16%.

The Canadian dollar gained 0.18 cents to 80.51 cents U.S.

June futures were up 0.3% Monday.

CIBC raised the target price on Altagas to $28.00 from $26.00

CIBC raised the target price on Enbridge to $57.00 from $52.00

Scotiabank upped its rating on Paramount Resources to sector perform from underperform.

With fiscal spending booming and households flush with cash, investors are betting that the Bank of Canada's next tightening cycle, expected to begin in 2022, will result in interest rates climbing above the previous peak for the first time in decades.

ON BAYSTREET

The TSX Venture Exchange dropped 1.27 points Friday to 946.83.

ON WALLSTREET

Stock futures were higher on Monday as the market attempted to rebound from the Dow Jones Industrial average’s worst week since October.

Futures for the 30-stock index jumped 159 points, or 0.5%, to 33,314.

Futures for the S&P 500 were higher 13.5 points, or 0.3%, to 4,167.

Futures for the NASDAQ Composite improved 32.75 points, or 0.2%, to 14,067.75.

The Dow dropped 3.5% last week, while the S&P 500 sank 1.9%, and the NASDAQ dipped 0.2% on the week.

A broad group of stocks were higher in pre-market trading. Commodity stocks that were hit hard last week were rebounding, including Exxon and Chevron up about 1% apiece in pre-market trading. Reopening plays including Royal Caribbean and Boeing were slightly higher. Banks also looked set to rebound.

What’s more, large tech companies including Alphabet and Tesla gained in pre-market trading.

Overseas, in Japan, the Nikkei 225 stumbled 3.3%, while in Hong Kong, the Hang Seng index faltered 1.1%.

Oil prices recovered six cents to $71.70 U.S. a barrel.

Gold prices hiked $14.20 to $1,783.20U.S.